Totting up the cost of the Samsung-made components believed to be used in the iPhone X suggests that the Korean company will earn around $110 for each one sold.

The analysis notes an irony here: Samsung is likely to earn about $4 billion more in revenue making parts for the iPhone X than from the parts it makes for its own flagship Galaxy S8 handset.

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Counterpoint expects Apple will sell 130 million iPhone X units, earning Samsung $110 on each through the summer of 2019, while Galaxy S8’s global sales are expected to be 50 million, earning Samsung $202 each from components such as displays and chips in its first 20 months of sales.

In other words, because Samsung makes more components for its own smartphone than it does for the iPhone, it makes more money from each sale – but because the iPhone X is expected to sell in far higher volumes, the total value of component sales will be higher for the iPhone.